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"China's global role has evolved from a low-cost manufacturer in the late 1990s to the world's growth engine around 2010, and now an unarguably global innovation engine, especially in areas such as high-speed trains, electronics, large passenger jets and nuclear power technologies," he said.

"Chinese fintech companies have been expanding overseas," said Joe Ngai, senior partner at consultants McKinsey & Co, noting the country's increasing influence in the sector.

"Consumers are now choosing condoms on the basis of greater diversity and personalization. That means that in addition to the basic safety aspects, consumers now have a wider choice of condoms - for example, the ultrathin series, the fun series (dots and ribs), and the longer-lasting series," Wong said.

"Convenient, efficient and comfortable transportation, such as high-speed rail and air travel have been on the rise, while the number of traditional road trips is declining," Wu said.

"China's accelerating consumption as well as market opening-up will help the beauty market grow bigger and more sophisticated," said Lucia Zheng, CEO of Rosilolly. The company aims to be China's Ulta Beauty Inc, the largest beauty retailer in the United States, thanks to a large presence in small cities, targeted marketing to young women and a highly reliable member service.